Market closing ends at a high note for the Sensex and the Nifty

Today’s stock market ends green for all the benchmark indices as the S&P BSE Sensex gained 284.20 points or 0.81 per cent and closed at 35,463.08 and the Nifty gained 83.70 points or 0.78 per cent and closed at 10,768.35, respectively.

At the end of the trading session, Tata Steel, Tata Motors, ICICI Bank, Axis Bank and Wipro were the top gainers while Coal India, IndusInd Bank, Kotak Mahindra, SBI, and NTPC were the major losers.

Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas says, “The Nifty opened gap up today & moved higher to cross the swing high of 10770. It went on to retrace 78.6% of the fall from 10929 to 10417. Near the key Fibonacci level the bears finally intervened. Thus the index dipped towards the end of the session, losing some of its early gains.”

“Overall structure suggests that the pullback from the low of 10417 turned out to be a deeper one, retracing 78.6% of the previous fall. That, however, doesn’t alter the larger wave structure, which is still pointing towards downside. This bearish set up would be violated only if the Nifty crosses the high of 10929. On the downside, the gap area of 10722-10698 shall now act as a crucial support zone from immediate perspective below which larger downside will open up”, Gaurav Ratnaparkhi added in the above statement.

As per the closing of Asian and global markets, Nikkei, Hang Seng, DAX and CAC 40 were the gainers, and rallied by 0.87 per cent, 0.81 per cent, 0.14 per cent and 0.37 per cent respectively, whereas Shanghai Composite and FTSE 100 went down by 0.18 per cent and 0.13 per cent, respectively, at the time of going to the press.

According to the benchmark indices, the S&P BSE Midcap index secured 220.83 points or 1.40 per cent and stood at 15955.02 and Small Cap Index was raised by 323.07 points or 1.96 per cent and stood at 16790.37, respectively.

Hereby, in the banking sector, the shares of HDFC bank gained 5.70 points or 0.28 per cent, Axis bank gained 13.15 points or 2.48 per cent whereas SBI and IndusInd Bank lost 0.65 points or 0.24 per cent and 19.35 points or 1.01 per cent, respectively.

In the commodities sector, gold gained Rs. 157 or 0.51 per cent and closed at Rs. 31081 per 10 grams while Brent Crude gained Rs. 28 or 0.64 per cent and closed at Rs. 4370 per bbl as per today’s benchmark indices.

At the time of going to the press, the 10 years benchmark indices of Government Securities softened at 7.9784.